Simulation-based microarchitecture research is often hindered by the slow speed of simulators. In this work, we propose a novel statistical technique to identify highly representative unique behaviors or phases in a benchmark based on its IPC (instructions committed per cycle) trace. By simulating the timing of only the unique phases, the cycle-accurate simulation time for the SPEC suite is reduced from 5 months to 5 days, with a significant retention of the original dynamic behavior. Evaluation across many processor configurations within the same architecture family shows that the algorithm is robust. A cost function is provided that enables users to easily optimize the parameters of the algorithm for either simulation speed or accuracy depending on preference. A new measure is introduced to quantify the ability of a simulation speedup technique to retain behavior realized in the original workload. Unlike a first order statistic such as mean value, the newly introduced measure capt...